CA CMA Syam sundar

What is Accounts Reconciliation? Bank Reconciliations: Purpose:- Reconciling the company's cash records (general ledger) with the bank's records (bank statement). Process:- Comparing the transaction in the bank statement (deposits, withdrawals, fees) with the company's cash account in the general ledger. Adjustments are made for outstanding checks, deposits in transit, bank errors, and other discrepancies. 2. Accounts Receivable Reconciliation: Purpose:- Ensuring that the accounts receivable (amounts owed by customers) recorded in the general ledger match the details in the subsidiary ledger or customer statements. Process:- Matching individual customer balances with the accounts receivable control account in the general ledger. Investigating and resolving differences due to unapplied payments, billing errors. 3. Accounts Payable Reconciliation: Purpose:- Verifying that the accounts payable (amounts owed to vendors) recorded in the general ledger align with vendor invoices ...

  Lets Understand hashtag RTR Process Step by Step hashtag R2R : hashta process is very important part of the Finance & Accounting department and ensure that an organization's Financial statement are accurate, timely & compliant. Process- 1. Data Extraction :- extracting data from Financial & operational systems. 2. Journal Entries :- made for all financial transactions & ensure that accounting Equation remain balanced (Assets = Liability+Equity) 3. Reconciliations :- Main task in R2R role. reconciling- -Inter company transaction -Bank reconciliation -General ledger balance with subsidiary ledger -BS account reconciliation 4. Fixed Assets & Inventory Accounting :- tracking depreciation of fixed assets, inventory & its related transaction. 5. Adjusting Entries :- at end of accounting period adjustment like- Prepaid exp, accrued income, deferrals, unearned income. 6. Financial Statement Preparation :- Based on reconciled data prepare PL, BS, CFS(ca...

  Types of Purchase Orders on SAP System. 1. **Standard Purchase Order**: - For one-time procurement of materials or services. - Contains details like material, quantity, price, and delivery date. 2. **Blanket Purchase Order**: - Used for procurement of materials or services over a specified period. - Often used for recurring purchases, defining a total limit rather than individual transaction details. 3. **Contract Purchase Order**: - A long-term agreement between the buyer and supplier for the supply of materials or services. - Specifies general terms and conditions and is often used to create release orders. 4. **Scheduling Agreement**: - A type of outline agreement used for regular, predictable procurements. - Includes delivery schedules specifying dates and quantities of materials. 5. **Consignment Purchase Order**: - Used for procurement where materials are stored at the buyer's location but ownership remains with the supplier until used. - Payment is made to the su...